New figures from the Central Statistics Office show that inflation fell to 7.2% in the 12 months to April, down from 7.7% in March. This marked its lowest level in a year.
The CSO said the most significant increases in the year were seen in the costs of Housing, Water, Electricity, Gas and Other Fuels which rose by 20.7%, while Food and Non-Alcoholic Beverages prices increased by 13.1%.
On an annual basis, the CSO said that electricity prices jumped by 51.3% in April, while gas soared by 55.8% costs and mortgage interest repayments rose by 41%.
April also saw a rise in prices across a range of food products such as sugar, which jumped by 38.9%, while the prices of frozen fish increased by 29.9%.
The price of fresh whole milk was up 24.1%, butter prices increased by 18.9% and eggs rose 18.3% compared to the same time last year.
The CSO noted that the cost of education and transport were the only divisions to show a decrease when compared with April of last year, with prices in the sectors down 6.3% and 2.3% respectively.
The Department of Finance last month revised down its inflation estimate for 2023 to 4.9% and forecast a figure of 2.5% next year.
The CSO also published details of its National Average Prices for selected goods and services today.
These show that the national average price for a large white sliced pan was up 23 cents in the year to April, while the same size brown sliced pan was up 18 cents in the year.
Spaghetti per 500g increased by 27 cents in the year while the average price for 2.5kg of potatoes was up 11 cent.
Full fat milk per 2 litres rose by 44 cents in the year while the average price of Irish cheddar per kg was up €1.42 and butter per pound rose by 66 cents.
Meanwhile, the national average price of a take-home 50cl can of lager at €2.30 was up 14 cents on average from April last year while a take-home 50cl can of cider at €2.54 was up 18 cents.
The national average price of a pint of stout in licensed premises was €5.50 in April, up 38 cents in the year, while a pint of lager was €5.97, up 47 cents compared with April last year